The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that fuel pump prices are determined by market forces rather than being fixed by the regulator. In a statement issued on Saturday, the agency responded to concerns over recent increases in petrol pump prices. It acknowledged the financial difficulties Nigerians are facing due to the price hikes, noting the pressure on households, transport workers and businesses. NMDPRA cited Section 205(1) of the Petroleum Industry Act 2021, which provides that wholesale and retail prices of petroleum products shall be based on unrestricted free-market pricing conditions, meaning the regulator does not fix pump prices or issue administrative price templates.
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